Bloomberg reported that Australia’s third biggest iron ore producer, Fortescue Metals Group Ltd., said its profit went down 40% because of lower prices of iron ore and said dividends won’t be paid.
As quoted in the market news:
Net income slipped to $478 million in the six months to Dec. 31 from $801 million a year earlier, the Perth-based company said today in a statement. While no dividend will be paid for the period, Fortescue will consider a full-year payout, it said.
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